Chainalysis, an analytical company specializing in tracking blockchain transactions, saw a 70% increase in revenue over the past year.
Despite the cryptocurrency market’s turmoil, Chainalysis managed to secure contracts with government organizations worth over $65 million.
Co-founder and CEO Michael Gronager credited the company’s success to its efficient business model and partnerships with government agencies, which account for two-thirds of the company’s revenue.
These partnerships remain relatively stable even during market crashes, Gronager said in an interview with The New York Times.
According to Tech Inquiry, Chainalysis has contracts with federal agencies such as the Department of Justice and Treasury to track blockchain transactions.
In April, the company partnered with the police in Calgary, Canada, to open a center investigating cryptocurrency and blockchain-related crimes.